PetMed Express (PETS) 10-K 24 May 16 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	May. 24, 2016	Sep. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	PETMED EXPRESS INC
Entity Central Index Key	1,040,130
Trading Symbol	pets
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--03-31
Entity Well-Known Seasoned Issuer	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		20,446,942
Entity Public Float			$ 313.4
Document Type	10-K
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Current assets:
Cash and cash equivalents	$ 37,639	$ 35,613
Short term investments - available for sale		15,591
Accounts receivable, less allowance for doubtful accounts of $13 and $8, respectively	1,724	1,931
Inventories - finished goods	25,586	25,068
Prepaid expenses and other current assets	2,435	1,380
Prepaid income taxes	243
Total current assets	67,627	79,583
Noncurrent assets:
Property and equipment, net	20,929	1,569
Intangible assets	860	860
Deferred tax assets	863	840
Total noncurrent assets	22,652	3,269
Total assets	90,279	82,852
Current liabilities:
Accounts payable	5,004	5,153
Accrued expenses and other current liabilities	2,080	2,214
Income taxes payable		50
Total liabilities	$ 7,084	$ 7,417
Commitments and contingencies
Shareholders' equity:
Preferred stock, $.001 par value, 5,000 shares authorized; 3 convertible shares issued and outstanding with a liquidation preference of $4 per share	$ 9	$ 9
Common stock, $.001 par value, 40,000 shares authorized; 20,447 and 20,262 shares issued and outstanding, respectively	20	20
Additional paid-in capital	4,871	3,117
Retained earnings	78,295	72,343
Accumulated other comprehensive loss		(54)
Total shareholders' equity	83,195	75,435
Total liabilities and shareholders' equity	$ 90,279	$ 82,852

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Allowance for doubtful accounts (in dollars)	$ 13	$ 8
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000	5,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	40,000	40,000
Common stock, shares issued	20,447	20,262
Common stock, shares outstanding	20,447	20,262
Convertible Preferred Stock
Preferred stock, shares issued	3	3
Preferred stock, shares outstanding	3	3
Preferred stock, liquidation preference (in dollars per share)	$ 4	$ 4

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Sales	$ 234,684	$ 229,395	$ 233,391
Cost of sales	158,388	153,125	155,774
Gross profit	76,296	76,270	77,617
Operating expenses:
General and administrative	21,301	21,101	21,352
Advertising	21,837	25,182	27,180
Discontinued project costs		1,714
Depreciation	770	660	867
Total operating expenses	43,908	48,657	49,399
Income from operations	32,388	27,613	28,218
Other income (expense):
Interest income, net	190	184	185
Realized loss on sale of short term investments	(74)
Other, net	63	1	(4)
Total other income	179	185	181
Income before provision for income taxes	32,567	27,798	28,399
Provision for income taxes	12,000	10,345	10,427
Net income	20,567	17,453	17,972
Net change in unrealized gain (loss) on short term investments	54	(17)	(35)
Comprehensive income	$ 20,621	$ 17,436	$ 17,937
Net income per common share:
Basic	$ 1.02	$ 0.87	$ 0.90
Diluted (in dollars per share)	$ 1.02	$ 0.87	$ 0.90
Weighted average number of common shares outstanding:
Basic (in shares)	20,124	20,015	19,901
Diluted (in shares)	20,254	20,136	20,043
Cash dividends declared per common share (in dollars per share)	$ 0.72	$ 0.68	$ 0.66

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred StockConvertible	Common Stock	Additional Paid-In Capital	Retained Earnings	Other Comprehensive Gain (Loss)	Total
Balance at Mar. 31, 2013	$ 9	$ 20		$ 63,987	$ (2)	$ 64,014
Balance (in shares) at Mar. 31, 2013	3	20,109
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock, net
Issuance of restricted stock, net (in shares)		81
Share based compensation			$ 1,479			$ 1,479
Dividends declared				(13,312)		(13,312)
Deferred tax adjustment related to restricted stock			99			99
Net income				17,972	17,972	17,972
Other comprehensive gain (loss):
Net Change in unrealized loss on short term investments						(35)
Total comprehensive income					17,937	17,937
Balance at Mar. 31, 2014	$ 9	$ 20	1,578	68,647	(37)	$ 70,217
Balance (in shares) at Mar. 31, 2014	3	20,190
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock, net
Issuance of restricted stock, net (in shares)		72
Share based compensation			1,481			$ 1,481
Dividends declared				(13,757)		(13,757)
Deferred tax adjustment related to restricted stock			58			58
Net income				17,453	17,453	17,453
Other comprehensive gain (loss):
Net Change in unrealized loss on short term investments						(17)
Total comprehensive income					17,436	17,436
Balance at Mar. 31, 2015	$ 9	$ 20	3,117	72,343	(54)	$ 75,435
Balance (in shares) at Mar. 31, 2015	3	20,262
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock, net
Issuance of restricted stock, net (in shares)		185
Share based compensation			1,612			$ 1,612
Dividends declared				(14,615)		(14,615)
Deferred tax adjustment related to restricted stock			142			142
Net income				20,567	20,567	20,567
Other comprehensive gain (loss):
Net Change in unrealized loss on short term investments						54
Total comprehensive income					$ 20,621	20,621
Balance at Mar. 31, 2016	$ 9	$ 20	$ 4,871	$ 78,295		$ 83,195
Balance (in shares) at Mar. 31, 2016	3	20,447

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$ 20,567	$ 17,453	$ 17,972
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	770	660	867
Share based compensation	1,612	1,481	1,479
Discontinued project costs		1,714
Deferred income taxes	(23)	157	(183)
(Increase) decrease in operating assets and increase (decrease) in liabilities:
Accounts receivable	(53)	(264)	(417)
Inventories - finished goods	(518)	10,659	(4,126)
Prepaid income taxes	(243)	54	(54)
Prepaid expenses and other current assets	(1,055)	662	(1,237)
Accounts payable	(149)	(616)	(686)
Accrued expenses and other current liabilities	(65)	(61)	(42)
Income taxes payable	(50)	50	(162)
Net cash provided by operating activities	21,053	32,043	13,506
Cash flows from investing activities:
Proceeds from sale of short term investments	15,591
Net change in investments	54	(68)	(84)
Purchases of property and equipment	(20,130)	(918)	(45)
Net cash used in investing activities	(4,485)	(986)	(129)
Cash flows from financing activities:
Dividends paid	(14,684)	(13,807)	(13,326)
Tax adjustment related to stock compensation	142	58	99
Net cash used in financing activities	(14,542)	(13,749)	(13,227)
Net increase in cash and cash equivalents	2,026	17,308	150
Cash and cash equivalents, at beginning of year	35,613	18,305	18,155
Cash and cash equivalents, at end of year	37,639	35,613	18,305
Supplemental disclosure of cash flow information:
Cash paid for income taxes	12,173	10,026	10,727
Dividends payable in accrued expenses	$ 143	$ 212	$ 262

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(1) Summary of Significant Accounting Policies Organization PetMed Express, Inc. and subsidiaries, d/b/a 1-800-PetMeds (the “Company”), is a leading nationwide pet pharmacy. The Company markets prescription and non-prescription pet medications, health products, and supplies for dogs and cats, direct to the consumer. The Company markets its products through national television, online, and direct mail/print advertising campaigns, which aim to increase the recognition of the “1-800-PetMeds” brand name and “PetMeds” family of trademarks, increase traffic on its website at www.1800petmeds.com Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Revenue Recognition The Company generates revenue by selling pet medication products and pet supplies mainly to retail consumers. The Company’s policy is to recognize revenue from product sales upon shipment, when the rights of ownership and risk of loss have passed to the customer. Outbound shipping and handling fees are included in sales and are billed upon shipment. Shipping expenses are included in cost of sales. The majority of the Company’s sales are paid by credit cards and the Company usually receives the cash settlement in two to three banking days. Credit card sales minimize the accounts receivable balances relative to sales. The Company maintains an allowance for doubtful accounts for losses that the Company estimates will arise from the customers’ inability to make required payments, arising from either credit card charge-backs or insufficient funds checks. The Company determines its estimates of the uncollectibility of accounts receivable by analyzing historical bad debts and current economic trends. At March 31, 2016 and 2015, the allowance for doubtful accounts was approximately $13,000 and $8,000, respectively. Cash and Cash Equivalents The Company considers all highly liquid investments with maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents at March 31, 2016 and 2015 consisted of the Company’s cash accounts and money market accounts with a maturity of three months or less. The carrying amount of cash equivalents approximates fair value. The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. Short Term Investments The Company’s short term investments balance consists of short term bond mutual funds. In accordance with ASC Topic 320 (“ Accounting for Certain Investments in Debt and Equity Securities Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Inventories Inventories consist of prescription and non-prescription pet medications and pet supplies that are available for sale and are priced at the lower of cost or market value using a weighted average cost method. The Company writes down its inventory for estimated obsolescence. The inventory reserve was approximately $64,000 and $63,000 at March 31, 2016 and 2015, respectively. Property and Equipment Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. The building is depreciated over a period of thirty years. The furniture, fixtures, equipment, and computer software are depreciated over periods ranging from three to seven years. Leasehold improvements and assets under capital lease agreements are amortized over the shorter of the underlying lease agreement or the useful life of the asset. On December 22, 2015, the Company, by and through a wholly-owned subsidiary entered into an agreement of purchase and sale with an unaffiliated privately held Delaware corporation for the purchase of real property located in Palm Beach County Florida, and improvements thereon (collectively referred to herein as the “Property”), the assignment and assumption of all leases and service agreements affecting the property, and certain tangible and intangible personal property related to the property, for a purchase price of $18.5 million, plus closing costs. The transaction closed on January 19, 2016. The Property consists of approximately 634,000 square feet of land or 14.6 acres with two building complexes totaling approximately 185,000 square feet, with additional land for future use. The first building complex consists of approximately 125,000 square feet consisting of both office and warehouse. The second building complex consists of approximately 60,000 square feet consisting of both office and warehouse space. Once the property is renovated to the Company’s specifications and ready for its operation, expected in the third quarter of fiscal 2017, the Company intends to occupy approximately 97,000 square feet of the first building for its principal offices and distribution center, and to continue to operate the remaining office and warehouse space pursuant to existing leases. As of March 31, 2016, 48% of the property was leased to two tenants with a remaining weighted average lease term of 4.0 years. Long-lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of the asset to the undiscounted cash flows expected to be generated from the asset. Intangible Assets The intangible asset consists of a toll-free telephone number and an internet domain name. In accordance with the ASC Topic 350 (“ Goodwill and Other Intangible Assets Fair Value of Financial In struments The carrying amounts of the Company's cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments. Advertising The Company's advertising expenses consist primarily of television advertising, online marketing, and direct mail/print advertising. Television advertising costs are expensed as the advertisements are televised. Internet costs are expensed in the month incurred and direct mail/print costs are expensed when the related catalogs, brochures, and postcards are produced, distributed, or superseded. Business Concentrations The Company purchases its products from a variety of sources, including certain manufacturers, domestic distributors, and wholesalers. We have multiple suppliers for each of our products to obtain the lowest cost. There were four suppliers from whom we purchased approximately 50% of all products in fiscal 2016 and fiscal 2015. Accounting for Share Based Compensation The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 ( “Share Based Payment” Comprehensive Income The Company applies ASC Topic 220 (“ Reporting Comprehensive Income March 31, 2016, 2015 and 2014 the Company recorded an unrealized gain of $54,000, an unrealized loss of $17,000 and an unrealized loss of $35,000 on its short term investments, respectively. The following is a summary of our comprehensive income (in thousands): March 31, 2016 2015 2014 Net income $ 20,567 $ 17,453 $ 17,972 Net change in unrealized gain (loss) on short term investments 54 (17 ) (35 ) Comprehensive income $ 20,621 $ 17,436 $ 17,937 Income Taxes The Company accounts for income taxes under the provisions of ASC Topic 740 (“ Accounting for Income Taxes Reclassifications Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the fiscal 2016 presentation. These reclassifications had no impact on net income, shareholders’ equity or cash flows as previously reported. Recent Accounting Pronouncements On November 20, 2015, the FASB issued Accounting Standards Update on Income Taxes (Topic 740) which requires an entity to present all deferred tax assets and liabilities as noncurrent in a classified balance sheet. The update becomes effective April 1, 2017, however early adoption is permitted. The Company chose early adoption for the periods presented. In February 2016, the FASB issued guidance on leases which supersedes the current lease guidance. The core principle requires lessees to recognize the assets and liabilities that arise from nearly all leases in the statement of financial position. Accounting applied by lessors will remain largely consistent with previous guidance, additional changes s et to align lessor accounting with the revised lessee model and the FASB’s revenue recognition guidance. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact of this standard on its consolidated financial statements. The Company does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, will have a material effect on the Company’s consolidated financial position, results of operations, or cash flows.

Property and Equipment

Property and Equipment	12 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment	(2) Property and Equipment Major classifications of property and equipment consist of the following (in thousands): March 31, 2016 2015 Building $ 14,988 $ - Land 3,700 - Leasehold improvements 1,123 1,119 Computer software 4,812 3,391 Furniture, fixtures and equipment 4,703 4,686 29,326 9,196 Less: accumulated depreciation (8,397 ) (7,627 ) Property and equipment, net $ 20,929 $ 1,569

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts	12 Months Ended
	Mar. 31, 2016
Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts	(3) Valuation and Qualifying Accounts Activity in the Company's valuation and qualifying accounts consists of the following (in thousands): Year Ended March 31, 2016 2015 2014 Allowance for doubtful accounts: Balance at beginning of period $ 8 $ 7 $ 5 Provision for doubtful accounts 260 94 95 Write-off of uncollectible accounts receivable (255 ) (93 ) (93 ) Balance at end of year $ 13 $ 8 $ 7

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	12 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	(4) Accrued Expenses and Other Current Liabilities Major classifications of accrued expenses and other current liabilities consist of the following (in thousands): March 31, 2016 2015 Accrued sales tax $ 459 $ 465 Accrued credit card fees 335 285 Accrued salaries and benefits 482 741 Accrued professional expenses 255 225 Accrued sales return allowance 172 147 Accrued dividends payable 143 212 Accrued rent 111 - Other accrued liabilities 123 139 Accrued expenses and other current liabilities $ 2,080 $ 2,214

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	(5) Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows (in thousands): March 31, 2016 2015 Deferred tax assets: Accrued expenses $ 537 $ 545 Deferred stock compensation 302 246 Bad debt and inventory reserves 29 26 Property and equipment - 23 Total deferred tax assets 868 840 Deferred tax liabilities: Property and equipment 5 - Total net deferred taxes $ 863 $ 840 At March 31, 2016, the Company had no federal net operating loss carryforwards. The components of the income tax provision consist of the following (in thousands): Year Ended March 31, 2016 2015 2014 Current taxes Federal $ 10,982 $ 9,303 $ 9,689 State 1,041 885 921 Total current taxes 12,023 10,188 10,610 Deferred taxes Federal (21 ) 143 (167 ) State (2 ) 14 (16 ) Total deferred taxes (23 ) 157 (183 ) Total provision for income taxes $ 12,000 $ 10,345 $ 10,427 The reconciliation of income tax provision computed at the U.S. federal statutory tax rates to income tax expense is as follows (in thousands): Year Ended March 31, 2016 2015 2014 Income taxes at U.S. statutory rates $ 11,399 $ 9,729 $ 9,940 State income taxes, net of federal tax benefit 675 589 583 Permanent differences (23 ) (29 ) (35 ) Other (51 ) 56 (61 ) Total provision for income taxes $ 12,000 $ 10,345 $ 10,427

Net Income Per Share

Net Income Per Share	12 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Net Income Per Share	(6) Net Income Per Share In accordance with the provisions of ASC Topic 260 (“ Earnings Per Share The following is a reconciliation of the numerators and denominators of the basic and diluted net income per share computations for the periods presented (in thousands, except for per share amounts): Year Ended March 31, 2016 2015 2014 Net income (numerator): Net income $ 20,567 $ 17,453 $ 17,972 Shares (denominator) Weighted average number of common shares outstanding used in basic computation 20,124 20,015 19,901 Common shares issuable upon the vesting of restricted stock 120 111 132 Common shares issuable upon conversion of preferred shares 10 10 10 Shares used in diluted computation 20,254 20,136 20,043 Net income per common share: Basic $ 1.02 $ 0.87 $ 0.90 Diluted $ 1.02 $ 0.87 $ 0.90 At March 31, 2016 and 2015, all restricted stock was included in the diluted net income per common share computation.

Discontinued Project Costs

Discontinued Project Costs	12 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Project Costs	(7) Discontinued Project Costs During the quarter ended September 30, 2014 the Company discontinued an information technology project related to a new software platform, which was intended to be put into service and capitalized during fiscal 2015. The Company expensed a one-time project charge of $1.7 million in that September quarter. The net after tax impact of this one-time charge was $1.1 million, or $0.05 diluted per share. The Company does not expect any additional future expenditures relating to this discontinued project.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Shareholders' Equity	(8) Shareholders’ Equity Preferred Stock In April 1998, the Company issued 250,000 shares of its $.001 par value preferred stock at a price of $4.00 per share, less issuance costs of $112,187. Each share of the preferred stock is convertible into approximately 4.05 shares of common stock at the election of the shareholder. The shares have a liquidation value of $4.00 per share and may pay dividends at the Share Repurchase Plan On November 8, 2006, the Company's Board of Directors approved a share repurchase plan of up to $20.0 million. On October 31, 2008, November 1, 2010, and August 1, 2011, the Company’s Board of Directors approved an increase under the repurchase plan each for an additional $20.0 million. The repurchase plan is intended to be implemented through purchases made from time to time in either the open market or through private transactions at the Company's discretion, subject to market conditions and other factors, in accordance with Securities and Exchange Commission requirements. There can be no assurances as to the precise number of shares that will be repurchased under the share repurchase plan, and the Company may discontinue the share repurchase plan at any time subject to compliance with applicable regulatory requirements. Shares purchased pursuant to the share repurchase plan will either be cancelled or held in the Company's treasury. During both fiscal 2015 and 2016 the Company had no share repurchases. As of March 31, 2016 the Company had approximately $10.2 million remaining under the Company’s share repurchase plan. Dividends On August 3, 2009, the Company’s Board of Directors declared its first quarterly dividend of $0.10 per share on its common stock. On August 2, 2010, the Company’s Board of Directors increased the quarterly dividend to $0.125 per share, and then on January 27, 2012, the Company’s Board of Directors increased the quarterly dividend to $0.15 per share. On December 3, 2012, the Company’s Board of Directors declared a special dividend of $1.00 per share on its common stock. On July 26, 2013, the Company’s Board of Directors increased the quarterly dividend to $0.17 per share, and then on May 4, 2015 the Company’s Board of Directors increased the quarterly dividend to $0.18 per share. The Company intends to continue to pay regular quarterly dividends; however the declaration and payment of future dividends is discretionary and will be subject to a determination by the Board of Directors each quarter following its review of the Company’s financial performance. During fiscal 2016, our Board of Directors declared the following dividends: Declaration Date Per Share Record Date Total Amount Payment Date May 4, 2015 $ 0.18 May 1, 2015 $ 3,647 May 22, 2015 July 20, 2015 $ 0.18 August 3, 2015 $ 3,660 August 14, 2015 October 19, 2015 $ 0.18 November 2, 2015 $ 3,660 November 13, 2015 January 25, 2016 $ 0.18 February 8, 2016 $ 3,659 February 19, 2016

Restricted Stock

Restricted Stock	12 Months Ended
	Mar. 31, 2016
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Restricted Stock	(9) Restricted Stock On July 28, 2006, the Company received shareholder approval for the adoption of the 2006 Employee Equity Compensation Restricted Stock Plan (the “Employee Plan”) and the 2006 Outside Director Equity Compensation Restricted Stock Plan (the “Director Plan”). The purpose of the plans is to promote the interests of the Company by securing and retaining both employees and outside directors. The Company had reserved 1.0 million shares of common stock for issuance under the Employee Plan, and 200,000 shares of common stock for issuance under the Director Plan. In July 2012 the Company received shareholder approval to ratify the amendment to the Company’s Director Plan passed by the Board of Directors to increase the number of shares available for issuance under the Director Plan from 200,000 to 400,000. Additionally, the Company received shareholder approval to ratify the amendment passed by the Board of Directors to provide for a 10% automatic increase every year in the amount of shares available for issuance under each of the plans. In July 2015, the Company’s 2015 Outside Director Equity Compensation Restricted Stock Plan (“2015 Director Plan) became effective upon the approval of the plan by the Company’s Shareholders. The 2015 Director Plan authorizes 400,000 shares of the company's common stock available for issuance under the plan, and provides for an automatic increase every year in the amount of shares available for issuance under the plan of 10% of the shares authorized under the plan. The value of the restricted stock is determined based on the market value of the stock at the issuance date. The restriction period or forfeiture period is determined by the Company’s Board and is to be no less than 1 year and no more than ten years. The Company had 928,296 restricted common shares issued under the Employee Plan and 272,000 restricted common shares issued under the Director Plan at March 31, 2016, all shares of which were issued subject to a restriction or forfeiture period which will lapse ratably on the first, second, and third anniversaries of the date of grant, and the fair value of which is being amortized over the three-year restriction period. For both the years ended March 31, 2016 and 2015, the Company recognized compensation expense related to the Employee and Director Plans of $1.6 million and $1.5 million, respectively. A summary of the Company’s non-vested restricted stock as of March 31, 2016 is as follows: Employee Director Both Plans Non-vested restricted stock outstanding at March 31, 2015 128 60 188 Restricted stock granted 167 30 197 Restricted stock vested (77 ) (30 ) (107 ) Restricted stock forfeited or expired (12 ) - (12 ) Non-vested restricted stock outstanding at March 31, 2016 206 60 266 At March 31, 2016 and 2015, there were 265,771 and 188,017 non-vested restricted stock shares outstanding, respectively. During the fiscal years ended March 31, 2016 and 2015, the Company issued, net of forfeitures, 185,084 and 71,858 restricted shares, respectively. At March 31, 2016 and 2015, there were $3.6 million and $2.0 million of unrecognized compensation cost related to the non-vested restricted stock awards, respectively, which is expected to be recognized over the remaining weighted average vesting period of 2.3 years and 1.5 years for fiscal 2016 and 2015, respectively.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	(10) Fair Value Measurements The Company carries cash and cash equivalents and investments at fair value in the Consolidated Balance Sheets. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. ASC To Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Include other inputs that are directly or indirectly observable in the marketplace. Level 3 - Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company’s cash equivalents and short term investments are classified within Level 1. At March 31, 2016 the Company had invested the majority of its $37.6 million cash and cash equivalents balance in money market funds (level 1).

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(11) Commitments and Contingencies Legal Matters and Routine Proceedings The Company has settled complaints that had been filed with various states’ pharmacy boards in the past. There can be no assurances made that other states will not attempt to take similar actions against the Company in the future. The Company initiates litigation to protect its trade or service marks. There can be no assurance that the Company will be successful in protecting its trade or service marks. Legal costs related to the above matters are expensed as incurred. Employment Agreements On January 29, 2016, the Company amended the existing Executive Employment Agreement of Menderes Akdag, the Company’s President, Chief Executive Officer, and Director, and entered into Amendment No. 5 to the Executive Employment Agreement with Mr. Akdag. The Agreement amended certain provisions of the Executive Employment Agreement as follows: the term of the Agreement is for three years, commencing on March 16, 2016; Mr. Akdag’s salary was increased to $600,000 per year throughout the term of the Agreement, and Mr. Akdag was granted 120,000 shares of restricted stock. The restricted stock was granted on March 16, 2016, in accordance with the Company’s 2006 Employee Equity Compensation Restricted Stock Plan and the restrictions lapse ratably over a three-year period. Operating Leases The Company leases its 65,300 square foot executive offices, warehouse facility, and customer service and pharmacy contact centers under a non-cancelable operating lease. On April 30, 2014, the Company entered into a seventh amendment of its operating lease agreement to extend its existing lease until December 1, 2016. The Company is responsible for certain maintenance costs, taxes, and insurance under this lease. The future minimum annual lease payments for the year ended March 31, 2017 is $519,000. Rent expense was $781,000, $794,000, and $785,000 for the years ended March 31, 2016, 2015 and 2014, respectively. The Company intends to relocate to the Palm Beach County property in the quarter ended December 31, 2016, therefore eliminating any future rent payments subsequent to December 1, 2016. Upon acquisition of the property in January 2016, approximately 88,000 square feet of the property was leased to two tenants. The Company recorded approximately $116,000 in rental revenue in fiscal 2016, which was included in other income. The Company expects to

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plan	(12) Employee Benefit Plan The Company maintains a 401(k) Savings Plan for eligible employees. The plan is a defined contribution plan that is administered by the Company. All regular, full-time employees are eligible for voluntary participation upon completing one year of service and having attained the age of 21. The plan provides for growth in savings through contributions and income from investments. It is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended. Plan participants are allowed to contribute a specified percentage of their base salary. In 2006, the Company adopted a matching plan which is funded subsequent to the calendar year. During the fiscal years ended March 31, 2016 and 2015, the Company charged $177,000 and $187,000, respectively, of 401(k) matching contribution and administration expense to general and administrative expenses.

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Mar. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (Unaudited)	(13) Quarterly Financial Data (Unaudited) Summarized unaudited quarterly financial data for fiscal 2016 and 2015 is as follows (in thousands, except for per share amounts): Quarter Ended: June 30, 2015 September 30, 2015 December 31, 2015 March 31, 2016 Sales $ 71,634 $ 56,725 $ 50,933 $ 55,392 Gross Profit $ 22,966 $ 18,913 $ 16,754 $ 17,663 Income from operations $ 9,091 $ 7,090 $ 7,622 $ 8,585 Net income $ 5,757 $ 4,502 $ 4,890 $ 5,418 Diluted net income per common share $ 0.29 $ 0.22 $ 0.24 $ 0.27 Quarter Ended: June 30, 2014 September 30, 2014 December 31, 2014 March 31, 2015 Sales $ 72,541 $ 57,576 $ 49,284 $ 49,994 Gross Profit $ 23,772 $ 18,459 $ 17,100 $ 16,939 Income from operations $ 7,838 $ 4,290 $ 7,666 $ 7,819 Net income $ 4,973 $ 2,732 $ 4,797 $ 4,951 Diluted net income per common share $ 0.25 $ 0.14 $ 0.24 $ 0.25

Subsequent Events

Subsequent Events	12 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	(14) Subsequent Events On May 9, 2016, the Company’s Board of Directors declared an increased quarterly dividend of $0.19 per share on its common stock. The $3.9 million dividend will be paid on May 27, 2016, to shareholders of record at the close of business on May 20, 2016.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation.
Revenue Recognition	Revenue Recognition The Company generates revenue by selling pet medication products and pet supplies mainly to retail consumers. The Company’s policy is to recognize revenue from product sales upon shipment, when the rights of ownership and risk of loss have passed to the customer. Outbound shipping and handling fees are included in sales and are billed upon shipment. Shipping expenses are included in cost of sales. The majority of the Company’s sales are paid by credit cards and the Company usually receives the cash settlement in two to three banking days. Credit card sales minimize the accounts receivable balances relative to sales. The Company maintains an allowance for doubtful accounts for losses that the Company estimates will arise from the customers’ inability to make required payments, arising from either credit card charge-backs or insufficient funds checks. The Company determines its estimates of the uncollectibility of accounts receivable by analyzing historical bad debts and current economic trends. At March 31, 2016 and 2015, the allowance for doubtful accounts was approximately $13,000 and $8,000, respectively.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents at March 31, 2016 and 2015 consisted of the Company’s cash accounts and money market accounts with a maturity of three months or less. The carrying amount of cash equivalents approximates fair value. The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts.
Short Term Investments	Short Term Investments The Company’s short term investments balance consists of short term bond mutual funds. In accordance with ASC Topic 320 (“ Accounting for Certain Investments in Debt and Equity Securities
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Inventories	Inventories Inventories consist of prescription and non-prescription pet medications and pet supplies that are available for sale and are priced at the lower of cost or market value using a weighted average cost method. The Company writes down its inventory for estimated obsolescence. The inventory reserve was approximately $64,000 and $63,000 at March 31, 2016 and 2015, respectively.
Property and Equipment	Property and Equipment Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. The building is depreciated over a period of thirty years. The furniture, fixtures, equipment, and computer software are depreciated over periods ranging from three to seven years. Leasehold improvements and assets under capital lease agreements are amortized over the shorter of the underlying lease agreement or the useful life of the asset. On December 22, 2015, the Company, by and through a wholly-owned subsidiary entered into an agreement of purchase and sale with an unaffiliated privately held Delaware corporation for the purchase of real property located in Palm Beach County Florida, and improvements thereon (collectively referred to herein as the “Property”), the assignment and assumption of all leases and service agreements affecting the property, and certain tangible and intangible personal property related to the property, for a purchase price of $18.5 million, plus closing costs. The transaction closed on January 19, 2016. The Property consists of approximately 634,000 square feet of land or 14.6 acres with two building complexes totaling approximately 185,000 square feet, with additional land for future use. The first building complex consists of approximately 125,000 square feet consisting of both office and warehouse. The second building complex consists of approximately 60,000 square feet consisting of both office and warehouse space. Once the property is renovated to the Company’s specifications and ready for its operation, expected in the third quarter of fiscal 2017, the Company intends to occupy approximately 97,000 square feet of the first building for its principal offices and distribution center, and to continue to operate the remaining office and warehouse space pursuant to existing leases. As of March 31, 2016, 48% of the property was leased to two tenants with a remaining weighted average lease term of 4.0 years.
Long-lived Assets	Long-lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of the asset to the undiscounted cash flows expected to be generated from the asset.
Intangible Assets	Intangible Assets The intangible asset consists of a toll-free telephone number and an internet domain name. In accordance with the ASC Topic 350 (“ Goodwill and Other Intangible Assets
Fair Value of Financial Instruments	Fair Value of Financial In struments The carrying amounts of the Company's cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments.
Advertising	Advertising The Company's advertising expenses consist primarily of television advertising, online marketing, and direct mail/print advertising. Television advertising costs are expensed as the advertisements are televised. Internet costs are expensed in the month incurred and direct mail/print costs are expensed when the related catalogs, brochures, and postcards are produced, distributed, or superseded.
Business Concentrations	Business Concentrations The Company purchases its products from a variety of sources, including certain manufacturers, domestic distributors, and wholesalers. We have multiple suppliers for each of our products to obtain the lowest cost. There were four suppliers from whom we purchased approximately 50% of all products in fiscal 2016 and fiscal 2015.
Accounting for Share Based Compensation	Accounting for Share Based Compensation The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 ( “Share Based Payment”
Comprehensive Income	Comprehensive Income The Company applies ASC Topic 220 (“ Reporting Comprehensive Income March 31, 2016, 2015 and 2014 the Company recorded an unrealized gain of $54,000, an unrealized loss of $17,000 and an unrealized loss of $35,000 on its short term investments, respectively. The following is a summary of our comprehensive income (in thousands): March 31, 2016 2015 2014 Net income $ 20,567 $ 17,453 $ 17,972 Net change in unrealized gain (loss) on short term investments 54 (17 ) (35 ) Comprehensive income $ 20,621 $ 17,436 $ 17,937
Income Taxes	Income Taxes The Company accounts for income taxes under the provisions of ASC Topic 740 (“ Accounting for Income Taxes
Reclassifications	Reclassifications Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the fiscal 2016 presentation. These reclassifications had no impact on net income, shareholders’ equity or cash flows as previously reported.
Recent Accounting Pronouncements	Recent Accounting Pronouncements On November 20, 2015, the FASB issued Accounting Standards Update on Income Taxes (Topic 740) which requires an entity to present all deferred tax assets and liabilities as noncurrent in a classified balance sheet. The update becomes effective April 1, 2017, however early adoption is permitted. The Company chose early adoption for the periods presented. In February 2016, the FASB issued guidance on leases which supersedes the current lease guidance. The core principle requires lessees to recognize the assets and liabilities that arise from nearly all leases in the statement of financial position. Accounting applied by lessors will remain largely consistent with previous guidance, additional changes s et to align lessor accounting with the revised lessee model and the FASB’s revenue recognition guidance. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact of this standard on its consolidated financial statements. The Company does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, will have a material effect on the Company’s consolidated financial position, results of operations, or cash flows.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Schedule of comprehensive income	March 31, 2016 2015 2014 Net income $ 20,567 $ 17,453 $ 17,972 Net change in unrealized gain (loss) on short term investments 54 (17 ) (35 ) Comprehensive income $ 20,621 $ 17,436 $ 17,937

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of property plant and equipment	March 31, 2016 2015 Building $ 14,988 $ - Land 3,700 - Leasehold improvements 1,123 1,119 Computer software 4,812 3,391 Furniture, fixtures and equipment 4,703 4,686 29,326 9,196 Less: accumulated depreciation (8,397 ) (7,627 ) Property and equipment, net $ 20,929 $ 1,569

Valuation and Qualifying Acco24

Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Mar. 31, 2016
Valuation and Qualifying Accounts [Abstract]
Schedule of valuation and qualifying accounts	Year Ended March 31, 2016 2015 2014 Allowance for doubtful accounts: Balance at beginning of period $ 8 $ 7 $ 5 Provision for doubtful accounts 260 94 95 Write-off of uncollectible accounts receivable (255 ) (93 ) (93 ) Balance at end of year $ 13 $ 8 $ 7

Accrued Expenses and Other Cu25

Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
Schedule of accrued expenses and other current liabilities	March 31, 2016 2015 Accrued sales tax $ 459 $ 465 Accrued credit card fees 335 285 Accrued salaries and benefits 482 741 Accrued professional expenses 255 225 Accrued sales return allowance 172 147 Accrued dividends payable 143 212 Accrued rent 111 - Other accrued liabilities 123 139 Accrued expenses and other current liabilities $ 2,080 $ 2,214

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of deferred tax assets and liabilities	March 31, 2016 2015 Deferred tax assets: Accrued expenses $ 537 $ 545 Deferred stock compensation 302 246 Bad debt and inventory reserves 29 26 Property and equipment - 23 Total deferred tax assets 868 840 Deferred tax liabilities: Property and equipment 5 - Total net deferred taxes $ 863 $ 840
Schedule of components of the income tax provision	Year Ended March 31, 2016 2015 2014 Current taxes Federal $ 10,982 $ 9,303 $ 9,689 State 1,041 885 921 Total current taxes 12,023 10,188 10,610 Deferred taxes Federal (21 ) 143 (167 ) State (2 ) 14 (16 ) Total deferred taxes (23 ) 157 (183 ) Total provision for income taxes $ 12,000 $ 10,345 $ 10,427
Schedule of reconciliation of income tax provision	Year Ended March 31, 2016 2015 2014 Income taxes at U.S. statutory rates $ 11,399 $ 9,729 $ 9,940 State income taxes, net of federal tax benefit 675 589 583 Permanent differences (23 ) (29 ) (35 ) Other (51 ) 56 (61 ) Total provision for income taxes $ 12,000 $ 10,345 $ 10,427

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of reconciliation of the numerators and denominators of the basic and diluted net income per share computations	Year Ended March 31, 2016 2015 2014 Net income (numerator): Net income $ 20,567 $ 17,453 $ 17,972 Shares (denominator) Weighted average number of common shares outstanding used in basic computation 20,124 20,015 19,901 Common shares issuable upon the vesting of restricted stock 120 111 132 Common shares issuable upon conversion of preferred shares 10 10 10 Shares used in diluted computation 20,254 20,136 20,043 Net income per common share: Basic $ 1.02 $ 0.87 $ 0.90 Diluted $ 1.02 $ 0.87 $ 0.90

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Schedule of dividend declared	Declaration Date Per Share Record Date Total Amount Payment Date May 4, 2015 $ 0.18 May 1, 2015 $ 3,647 May 22, 2015 July 20, 2015 $ 0.18 August 3, 2015 $ 3,660 August 14, 2015 October 19, 2015 $ 0.18 November 2, 2015 $ 3,660 November 13, 2015 January 25, 2016 $ 0.18 February 8, 2016 $ 3,659 February 19, 2016

Restricted Stock (Tables)

Restricted Stock (Tables)	12 Months Ended
	Mar. 31, 2016
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Schedule of non-vested restricted stock	Employee Director Both Plans Non-vested restricted stock outstanding at March 31, 2015 128 60 188 Restricted stock granted 167 30 197 Restricted stock vested (77 ) (30 ) (107 ) Restricted stock forfeited or expired (12 ) - (12 ) Non-vested restricted stock outstanding at March 31, 2016 206 60 266

Quarterly Financial Data (Una30

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Mar. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly financial data (unaudited)	Quarter Ended: June 30, 2015 September 30, 2015 December 31, 2015 March 31, 2016 Sales $ 71,634 $ 56,725 $ 50,933 $ 55,392 Gross Profit $ 22,966 $ 18,913 $ 16,754 $ 17,663 Income from operations $ 9,091 $ 7,090 $ 7,622 $ 8,585 Net income $ 5,757 $ 4,502 $ 4,890 $ 5,418 Diluted net income per common share $ 0.29 $ 0.22 $ 0.24 $ 0.27 Quarter Ended: June 30, 2014 September 30, 2014 December 31, 2014 March 31, 2015 Sales $ 72,541 $ 57,576 $ 49,284 $ 49,994 Gross Profit $ 23,772 $ 18,459 $ 17,100 $ 16,939 Income from operations $ 7,838 $ 4,290 $ 7,666 $ 7,819 Net income $ 4,973 $ 2,732 $ 4,797 $ 4,951 Diluted net income per common share $ 0.25 $ 0.14 $ 0.24 $ 0.25

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Summary of our comprehensive income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Accounting Policies [Abstract]
Net income	$ 5,418	$ 4,890	$ 4,502	$ 5,757	$ 4,951	$ 4,797	$ 2,732	$ 4,973	$ 20,567	$ 17,453	$ 17,972
Net change in unrealized gain (loss) on short term investments									54	(17)	(35)
Comprehensive income									$ 20,621	$ 17,436	$ 17,937

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Detail Textuals) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2016Tenant	Mar. 31, 2016USD ($)SupplierTenant	Mar. 31, 2015USD ($)Supplier	Mar. 31, 2014USD ($)	Dec. 31, 2016ft²	Dec. 22, 2015USD ($)ft²aBuilding
Significant Accounting Policies [Line Items]
Allowance for doubtful accounts (in dollars) | $		$ 13	$ 8
Short term investments - available for sale | $			15,591
Inventory reserve | $		$ 64	63
Depreciation method		straight-line method
Purchase price of Property purchased | $						$ 18,500
Area of land | ft²						634,000
Area of building complex | a						14.6
Number of Units in Real Estate Property | Building						2
Percentage of property on lease		48.00%
Number of tenants | Tenant	2	2
Remaining weighted average lease term		4 years
Unrealized gain (loss) on short term investments | $		$ 54	$ (17)	$ (35)
Building
Significant Accounting Policies [Line Items]
Estimated useful lives of assets		thirty years
Area of building complex | ft²						185,000
Furniture, fixtures and equipment
Significant Accounting Policies [Line Items]
Estimated useful lives of assets		three to seven years
Computer software
Significant Accounting Policies [Line Items]
Estimated useful lives of assets		three to seven years
Building One
Significant Accounting Policies [Line Items]
Area of building complex | ft²						125,000
Building One | Subsequent Event
Significant Accounting Policies [Line Items]
Area of building complex | ft²					97,000
Building Two
Significant Accounting Policies [Line Items]
Area of building complex | ft²						60,000
Supplier concentration risk | Cost of goods
Significant Accounting Policies [Line Items]
Number of suppliers | Supplier		4	4
Percentage products purchased from suppliers		50.00%	50.00%

Property and Equipment - Major

Property and Equipment - Major classifications of property and equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 29,326	$ 9,196
Less: accumulated depreciation	(8,397)	(7,627)
Property and equipment, net	20,929	$ 1,569
Building
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14,988
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,700
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,123	$ 1,119
Computer software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,812	3,391
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,703	$ 4,686

Valuation and Qualifying Acco34

Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Allowance for doubtful accounts:
Balance at beginning of period	$ 8	$ 7	$ 5
Provision for doubtful accounts	260	94	95
Write-off of uncollectible accounts receivable	(255)	(93)	(93)
Balance at end of year	$ 13	$ 8	$ 7

Accrued Expenses and Other Cu35

Accrued Expenses and Other Current Liabilities - Major classifications of accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Payables and Accruals [Abstract]
Accrued sales tax	$ 459	$ 465
Accrued credit card fees	335	285
Accrued salaries and benefits	482	741
Accrued professional expenses	255	225
Accrued sales return allowance	172	147
Accrued dividends payable	143	212
Accrued rent	111
Other accrued liabilities	123	139
Accrued expenses and other current liabilities	$ 2,080	$ 2,214

Income Taxes - Tax effects of t

Income Taxes - Tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Deferred tax assets:
Accrued expenses	$ 537	$ 545
Deferred stock compensation	302	246
Bad debt and inventory reserves	29	26
Property and equipment		23
Total deferred tax assets	868	840
Deferred tax liabilities:
Property and equipment	5
Total net deferred taxes	$ 863	$ 840

Income Taxes - Components of th

Income Taxes - Components of the income tax provision (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Current taxes
Federal	$ 10,982	$ 9,303	$ 9,689
State	1,041	885	921
Total current taxes	12,023	10,188	10,610
Deferred taxes
Federal	(21)	143	(167)
State	(2)	14	(16)
Total deferred taxes	(23)	157	(183)
Total provision for income taxes	$ 12,000	$ 10,345	$ 10,427

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of income tax provision computed at the U.S. federal statutory tax rates to income tax expense (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Income taxes at U.S. statutory rates	$ 11,399	$ 9,729	$ 9,940
State income taxes, net of federal tax benefit	675	589	583
Permanent differences	(23)	(29)	(35)
Other	(51)	56	(61)
Total provision for income taxes	$ 12,000	$ 10,345	$ 10,427

Net Income Per Share - Reconcil

Net Income Per Share - Reconciliation of the numerators and denominators of the basic and diluted net income per share computations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Net income (numerator):
Net income (in dollars)	$ 5,418	$ 4,890	$ 4,502	$ 5,757	$ 4,951	$ 4,797	$ 2,732	$ 4,973	$ 20,567	$ 17,453	$ 17,972
Shares (denominator)
Weighted average number of common shares outstanding used in basic computation									20,124	20,015	19,901
Common shares issuable upon the vesting of restricted stock									120	111	132
Common shares issuable upon conversion of preferred shares									10	10	10
Shares used in diluted computation									20,254	20,136	20,043
Net income per common share:
Basic (in dollars per share)									$ 1.02	$ 0.87	$ 0.90
Diluted (in dollars per share)	$ 0.27	$ 0.24	$ 0.22	$ 0.29	$ 0.25	$ 0.24	$ 0.14	$ 0.25	$ 1.02	$ 0.87	$ 0.90

Discontinued Project Costs (Det

Discontinued Project Costs (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2014	Mar. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
One-time project charge expense	$ 1,700	$ 1,714
Net after tax one-time charge expense	$ 1,100
Diluted per share (in dollars per share)	$ 0.05

Shareholders' Equity - Summary

Shareholders' Equity - Summary of dividends declared (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2016USD ($)$ / shares
Declaration Date May 4, 2015
Stockholders Equity Note [Line Items]
Declaration Date	May 4, 2015
Per Share Dividend | $ / shares	$ 0.18
Record Date	May 1, 2015
Total Amount (In thousands) | $	$ 3,647
Payment Date	May 22, 2015
Declaration Date July 20, 2015
Stockholders Equity Note [Line Items]
Declaration Date	Jul. 20, 2015
Per Share Dividend | $ / shares	$ 0.18
Record Date	Aug. 3, 2015
Total Amount (In thousands) | $	$ 3,660
Payment Date	Aug. 14, 2015
Declaration Date October 19, 2015
Stockholders Equity Note [Line Items]
Declaration Date	Oct. 19, 2015
Per Share Dividend | $ / shares	$ 0.18
Record Date	Nov. 2, 2015
Total Amount (In thousands) | $	$ 3,660
Payment Date	Nov. 13, 2015
Declaration Date January 25, 2016
Stockholders Equity Note [Line Items]
Declaration Date	Jan. 25, 2016
Per Share Dividend | $ / shares	$ 0.18
Record Date	Feb. 8, 2016
Total Amount (In thousands) | $	$ 3,659
Payment Date	Feb. 19, 2016

Shareholders' Equity (Detail Te

Shareholders' Equity (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Apr. 30, 1998	Mar. 31, 2016	Mar. 31, 2015
Equity [Abstract]
Number of preferred shares issued	250,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Preferred shares, issued value (in dollars per share)	$ 4
Preferred shares, issuance costs	$ 112,187
Number of common stock converted	4.05
Liquidation value (in dollars per share)	$ 4
Number of voting right	one vote
Number of shares remained unconverted and outstanding		2,500	2,500

Shareholders' Equity (Detail 43

Shareholders' Equity (Detail Textuals 1) - Share Repurchase Plan - USD ($) $ in Millions	Mar. 31, 2016	Aug. 01, 2011	Nov. 01, 2010	Oct. 31, 2008	Nov. 08, 2006
Stockholders Equity Note [Line Items]
Amount approved of share repurchase plan		$ 20	$ 20	$ 20	$ 20
Value of remaining shares	$ 10.2

Shareholders' Equity (Detail 44

Shareholders' Equity (Detail Textuals 2)	12 Months Ended
	Mar. 31, 2016$ / shares
Declaration Date August 03, 2009
Stockholders Equity Note [Line Items]
Dividend declaration date	Aug. 3, 2009
Dividend declared (in dollars per share)	$ 0.10
Declaration Date August 02, 2010
Stockholders Equity Note [Line Items]
Dividend declaration date	Aug. 2, 2010
Dividend declared (in dollars per share)	$ 0.125
Declaration Date January 27, 2012
Stockholders Equity Note [Line Items]
Dividend declaration date	Jan. 27, 2012
Dividend declared (in dollars per share)	$ 0.15
Declaration Date December 3, 2012
Stockholders Equity Note [Line Items]
Dividend declaration date	Dec. 3, 2012
Dividend declared (in dollars per share)	$ 1
Declaration Date July 26, 2013
Stockholders Equity Note [Line Items]
Dividend declaration date	Jul. 26, 2013
Dividend declared (in dollars per share)	$ 0.17
Declaration Date May 4, 2015
Stockholders Equity Note [Line Items]
Dividend declaration date	May 4, 2015
Dividend declared (in dollars per share)	$ 0.18

Restricted Stock - Summary of n

Restricted Stock - Summary of non-vested restricted stock (Details) - Restricted Stock shares in Thousands	12 Months Ended
	Mar. 31, 2016shares
Employee Plan
Number of Shares
Non-vested restricted stock outstanding at March 31, 2015	128
Restricted stock granted	167
Restricted stock vested	(77)
Restricted stock forfeited or expired	(12)
Non-vested restricted stock outstanding at March 31, 2016	206
Director Plan
Number of Shares
Non-vested restricted stock outstanding at March 31, 2015	60
Restricted stock granted	30
Restricted stock vested	(30)
Restricted stock forfeited or expired
Non-vested restricted stock outstanding at March 31, 2016	60
Both Plans
Number of Shares
Non-vested restricted stock outstanding at March 31, 2015	188
Restricted stock granted	197
Restricted stock vested	(107)
Restricted stock forfeited or expired	(12)
Non-vested restricted stock outstanding at March 31, 2016	266

Restricted Stock (Detail Textua

Restricted Stock (Detail Textuals ) - shares	1 Months Ended		12 Months Ended
	Jul. 31, 2015	Jul. 28, 2006	Mar. 31, 2016	Jul. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of automatic increase in the amount of shares available for issuance		10.00%
Restriction period			three-year
2006 Employee Equity Compensation Restricted Stock Plan (the "Employee Plan") | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance		1,000,000	928,296
2006 Outside Director Equity Compensation Restricted Stock Plan (the "Director Plan") | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance		200,000	272,000	400,000
2015 Outside Director Equity Compensation Restricted Stock Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance	400,000
Percentage of automatic increase in the amount of shares available for issuance	10.00%
Restriction period	No less than 1 year and no more than ten years

Restricted Stock (Detail Text47

Restricted Stock (Detail Textuals 1) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]
Compensation expense	$ 1,612	$ 1,481	$ 1,479

Restricted Stock (Detail Text48

Restricted Stock (Detail Textuals 2) - Restricted Stock - Employee and director equity compensation plan - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested restricted stock shares outstanding	266,000	188,000
Issuance of restricted stock, net of forfeitures (in shares)	185,084	71,858
Unrecognized compensation cost related to non-vested restricted stock awards	$ 3.6	$ 2
Weighted average vesting period	2 years 3 months 18 days	1 year 6 months

Fair Value Measurements (Detail

Fair Value Measurements (Detail Textuals) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Fair Value Disclosures [Abstract]
Cash and cash equivalents	$ 37,639	$ 35,613	$ 18,305	$ 18,155

Commitments and Contingencies (

Commitments and Contingencies (Detail Textuals) $ in Thousands	1 Months Ended		12 Months Ended
	Mar. 16, 2016USD ($)shares	Jan. 31, 2016USD ($)ft²Tenant	Mar. 31, 2016USD ($)ft²Tenant	Mar. 31, 2015USD ($)	Mar. 31, 2014USD ($)	Apr. 30, 2014USD ($)
Commitments and Contingencies [Line Items]
Restriction period			three-year
Area on lease | ft²		88,000	65,300
Rent expense			$ 781	$ 794	$ 785
Number of tenants | Tenant		2	2
Rental revenue			$ 116
Future minimum annual lease payments for year 2017		$ 586
Future minimum annual lease payments for year 2018		604
Future minimum annual lease payments for year 2019		622
Future minimum annual lease payments for year 2020		484
Future minimum annual lease payments for year 2021		$ 97
Executive Employment Agreement | Menderes Akdag
Commitments and Contingencies [Line Items]
Term of agreement	3 years
Salary per year throughout the term of the Agreement	$ 600
Number of shares of restricted stock granted | shares	120,000
Restriction period	three-year
Operating lease agreement
Commitments and Contingencies [Line Items]
Future minimum annual lease payments for year 2017						$ 519

Employee Benefit Plan (Detail T

Employee Benefit Plan (Detail Textuals) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Maximum year of service for participating in the plan	1 year
Maximum age for participating in the plan	21 years
Matching contribution and administration expense	$ 177	$ 187

Quarterly Financial Data (Una52

Quarterly Financial Data (Unaudited) - Summarized unaudited quarterly financial data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Sales	$ 55,392	$ 50,933	$ 56,725	$ 71,634	$ 49,994	$ 49,284	$ 57,576	$ 72,541	$ 234,684	$ 229,395	$ 233,391
Gross profit	17,663	16,754	18,913	22,966	16,939	17,100	18,459	23,772	76,296	76,270	77,617
Income from operations	8,585	7,622	7,090	9,091	7,819	7,666	4,290	7,838	32,388	27,613	28,218
Net income	$ 5,418	$ 4,890	$ 4,502	$ 5,757	$ 4,951	$ 4,797	$ 2,732	$ 4,973	$ 20,567	$ 17,453	$ 17,972
Diluted net income per common share (in dollars per share)	$ 0.27	$ 0.24	$ 0.22	$ 0.29	$ 0.25	$ 0.24	$ 0.14	$ 0.25	$ 1.02	$ 0.87	$ 0.90

Subsequent Events (Detail Textu

Subsequent Events (Detail Textuals) - Subsequent Event - Dividend Declared $ / shares in Units, $ in Millions	May. 09, 2016USD ($)$ / shares
Subsequent Event [Line Items]
Dividend declaration date	May 9, 2016
Dividend declared (in dollars per share) | $ / shares	$ 0.19
Dividend paid | $	$ 3.9
Payment date	May 27, 2016
Record date	May 20, 2016